Raida Daouk on Building a Legacy in Cross-Continental Venture Capital

Robin Haak: Thanks for joining us, Raida! Could you please start by telling us about yourself? Who are you?

Raida Daouk: Thank you, Robin! I'm the founder and managing partner of Amkan Ventures, a fund of funds, and the founder of Amkan Advisory, a boutique consultancy offering VC-as-a-service.

My journey began in banking, where I spent five years before moving into venture capital with BY Venture Partners. I was part of the investment team when they launched their first fund, and I stayed on for nearly five years, working through the deployment of both their first and second funds. Following that, I joined Bridge Capital Holding, a single-family office, to establish their venture arm.

During this time, I noticed that many small family offices lacked the tools to effectively manage venture investments. To address this, I launched Amkan Advisory, which offers three core services: crafting bespoke venture strategies for family offices, sourcing funds by mapping the market and engaging with managers, and providing due diligence on startups and fund managers. Most of our clients are based in the GCC, and we quickly recognized their interest in the U.S. venture ecosystem, which can be challenging to navigate from afar. Leveraging my network in the U.S., I launched Amkan Ventures, a $10M fund of funds focused on backing emerging managers in the U.S.

How do you define emerging managers?

We define emerging managers as those raising their first or second funds, typically with fund sizes under $50M. Our preference is for solo GPs raising $20M-$30M funds with concentrated portfolios and minimal reserves. We focus on emerging managers because their incentives are strongly aligned with their LPs—they aren't relying on management fees for profit; their success is directly tied to carried interest. We seek GPs who are highly driven and fully committed, with a strong determination to make their funds succeed.

Could you tell us about your background? How did you end up in the VC world?

It actually happened by coincidence. After leaving banking, I wasn’t sure what my next step would be. A friend, who was the GP of a venture fund, suggested I join their team. I remember telling them, "But I know nothing about venture capital." Their response was simple: "Give it a try. If you like it, great; if not, no harm done." So, I gave it a shot and quickly fell in love with the venture world.

And what is it about Venture Capital that excites you so much?

What excites me most about venture capital is the opportunity to collaborate closely with early-stage companies and visionary entrepreneurs. I’m inspired by their drive and passion, and I find it incredibly fulfilling to contribute to their growth and success. Helping them navigate challenges and make meaningful progress toward transforming industries through technology is both motivating and rewarding for me.

And what do you enjoy about what you’re doing today now you’re investing in funds instead of companies?

Today, I focus on investing in funds that I believe have the potential to deliver double-digit multiples. I prefer smaller fund sizes where success doesn’t rely on unicorns but rather on multiple "dragons"—fund returners at more realistic exit values. I’m passionate about being an early believer in driven, hungry managers and helping them achieve their goals.

What is it like to be working with funds? Do you have any challenges with that, or is it quite a positive and uplifting ecosystem?

Working with funds is a highly collaborative experience. We regularly engage with other allocators, funds of funds, and family offices, often through monthly calls to discuss emerging managers and deal flow. Having been involved in building both Fund I and II, I’m always eager to share insights and help managers navigate any hurdles they encounter.

And what was it like going from working within a fund to becoming a solo manager? What's that transition been like?

Working solo has never bothered me;I didn’t question whether I should be doing this on my own. While it can be demanding, there’s a strong sense of reassurance in knowing that the solo manager community is incredibly supportive and tightly knit. I’m part of several networks of emerging managers and emerging fund-of-funds, and the camaraderie within these groups is invaluable.

What has the fundraising been like for you?

Honestly, fundraising this year has been challenging. I was initially concerned that the double layer of fees inherent in fund-of-funds structures might deter some investors. Fortunately, most of my LPs are based in the GCC, with some now in Europe, and they clearly recognize the significant value of gaining access to the U.S. ecosystem. As a result, they’re willing to accept the additional layer of fees. Despite the challenges, I’m encouraged by having successfully reached just over half of my fund target.

How much have you managed to raise?

I’ve managed to raise over $5 million so far.

Can you tell us about how you’re positioning yourself within the Middle East and working with the U.S. How have you managed to carve out that niche?

Being actively present in the Middle East offers a significant strategic advantage. It has allowed me to build a strong network of GCC investors and tap into local capital to seize U.S. opportunities. I’m a firm believer in the power of personal relationships, and being geographically close to investors in the region has enabled me to cultivate these connections, build trust, and better understand the needs of my LPs. This proximity has made it clear to me that there is a real need to bridge the gap between local investors and U.S. tech. Through an extensive network of contacts, advisors, funds, and colleagues that I’ve carefully built over the past few years in the U.S., I’ve been able to position Amkan to fulfill this vital role.

How did you build your networks in the US?

I’ve developed a strong network of advisors in the U.S., and I’m also part of the selection committee for RAISE Global, one of the largest conferences for emerging managers in San Francisco. I’ll be attending again this October. I frequently travel to the U.S. and maintain regular contact with other funds of funds through monthly calls. My criteria for GPs at Amkan Ventures are quite specific, so when people in my network come across someone who fits, they’re quick to make a warm introduction. This combination of active participation and ongoing communication has been key to building and expanding my U.S. networks.

So you're working with the U.S. in the Middle East, and you have family offices mainly based in the Middle East too, right? What is the appeal of working with U.S. emerging managers and U.S. funds for people within the Middle East?

The U.S. is the global leader in innovation and entrepreneurship, supported by favorable government policies and world-class infrastructure that provide a solid foundation for businesses to scale and thrive. It’s the capital of venture capital. Additionally, the U.S. demonstrates a unique ability to swiftly address financial crises, as seen during the SVB crisis, which was resolved over a weekend—something that would have taken weeks or even months in other countries. This level of stability and efficiency makes U.S. emerging managers and funds highly appealing to investors.

And let's just think about the current situation right now within the Middle East. Is there anything that you're concerned about for the next couple of months in terms of investment and in terms of where you can best put the money you know that you're dealing with?

Given that I’m not directly investing in the Middle East, the regional conflicts don’t have much impact on our portfolio of invested funds. In fact, the instability in the region often incentivizes GCC investors to seek opportunities in more stable economies or regions—which is exactly where Amkan comes in.

On a more positive note, I believe the GCC region is on the verge of significant innovation. The pace of change is remarkable, with a strong drive to modernize and transform industries. It’s an exciting time to witness and be part of this evolution.

On a personal note, what is it that kind of drives you and gets you up in the morning? What is it that gives you excitement?

What drives me each day is building my name and the Amkan brand, which holds special meaning for me as it’s a combination of my children's names, Amaya and Rakan. I’m fully committed to making it a success and giving it my all. Right now, I’m focused on laying the foundations, which are often the most challenging to establish. But the process is incredibly exciting and rewarding, and it motivates me to keep pushing forward.

And how do you balance your professional life with your family life?

Balancing my professional and family life is definitely challenging. I’m incredibly fortunate to have a supportive husband who understands the demands of my career and encourages me to pursue it. My work often requires late-night calls, missed bedtimes, and frequent travel, which impacts our family life. But my husband is hands-on with the kids and has been my number-one supporter throughout this journey. I’m truly grateful for his support, which makes it possible for me to manage both my career and family life.

And what do you do to unwind and to sort of get that balance? I mean, do you have hobbies that you pursue?

I usually start my day early with the kids, and my ideal routine involves dropping them off at 8 a.m. and then heading to Pilates, which I do almost every day. That 50 minutes is my time—no phone, no distractions, just focusing on exercise. After that, I head to the office, pick up the kids later, and continue working. But that one hour of Pilates is crucial for me; it’s when I can disconnect and recharge, and I absolutely need it to maintain balance in my life.

Looking ahead for the next five to ten years, where do you see yourself and your work? What are your goals and aspirations?

I have some broad ideas, though the specifics are still taking shape—as they often do. What I’m certain of is my commitment to staying in venture capital, with a focus on the early stages of innovation. Whether I decide to pursue a series of small fund-of-funds or move into managing special accounts is something I’m still considering. My goal is to keep building on the foundations I’ve established and to remain deeply involved in shaping the future of early-stage ventures.

Do you have advice for other women who might want to do a series of funds within this space? It can be quite a male-dominated world, so how do you establish yourself?

Having built my career in the finance sector, which is undeniably male-dominated, my advice to other women is this: don’t let doubt hold you back—just take the leap and do it. It’s easy to get caught up in overthinking, which can create unnecessary barriers. Instead, trust in your abilities and take bold action.

Another key piece of advice is to never settle—whether in your career, your personal life, or any other area. Pour your heart and soul into everything you do, and you’ll have no regrets. Establishing yourself in this space requires confidence, determination, and a relentless drive to succeed.

That’s great advice. Thank you so much for your time.

Thank you for having me!